We want SOEs to be financially stable – Gigaba

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Johannesburg - The financial stability of SOEs remains a top priority for government, said new Finance Minister Malusi Gigaba.

Gigaba was speaking at a press briefing following Standard & Poor’s (S&P) decision to downgrade South Africa’s sovereign rating from BBB- to BB+, or sub-investment grade. Ratings agency Moody’s subsequently issued a statement that South Africa has been placed on review for a downgrade.

Moody’s currently has South Africa at Baa2, a downgrade to Baa3 would still be one notch above junk status.

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